The June CPI figures hit a financial market sweet spot but households are likely in a less celebratory mood
Food had mixed inflation results, with lamb and beef prices down 10.9% and 3.6% respectively from a year earlier, while fruit and vegetables were up 6.3%.Food had mixed inflation results, with lamb and beef prices down 10.9% and 3.6% respectively from a year earlier, while fruit and vegetables were up 6.3%.hit a financial market sweet spot, with the Australian dollar diving and stocks spiking as they unwound bets that the Reserve Bank was about to hoist interest rates again.
Food provided mixed inflation results. Lamb prices were down 10.9% from a year earlier and beef 3.6%, seafood prices rose 5.6% and pork was 4.7% pricier. The modestly good news is the annual pace of rental increases was 7.3%, down from 7.8% in the March quarter. Rents rose 2% in the June quarter, similar to the rise in March.Commonwealth Rent Assistance is indexed twice yearly. A 15% increase in the maximum amount covered by the support last September helped blunt some of the rise. Without that boost, rents would have been a hefty 9.1% higher than a year earlier, the ABS said.
Electricity, which has an ABS weighting of 2.36% in its CPI, tends to attract a much larger share of media attention. Blame the endless climate wars.bill relief measures nullified much of the hike, though, because without them the increase would have been 14.6%, the bureau said.Our Australian morning briefing breaks down the key stories of the day, telling you what’s happening and why it mattersThe impact of rebates varied widely. Power prices in Hobart were down 8.
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